Middle East helps Page beat blues in banking jobs

Recruitment firm Michael Page International today warned of continuing weakness in its banking sector business, with "increasing cautionary behaviour" being shown by candidates and clients.

That led to second-quarter profits in Britain edging up just 1.2% to £48.5 million, though overall first-half profits rose 3.9% to £95.6 million, helped by the booming Middle East.

Earnings in Page's Europe, Middle East and Africa division leapt 46.1% to £70.3 million and overall, the company's second-quarter gross profit soared 26% to a record £152.4 million.

Chief executive Steve Ingham said he was "delighted" with the secondquarter performance, which came "against a backdrop of weakening conditions in some of our markets".

But he said expansion into other markets and sectors had helped offset banking and finance weakness.

"These record results reflect the success of our strategy to diversify the group, both geographically and by discipline" said Ingham.

"We have achieved growth in all our countries, including those where conditions would be considered tough and despite the significant reduction in activity in the financial services sector."

Michael Page has launched in 12 new countries in the past three years.